Magna Completes Its Acquisition of New Venture Gear - aftermarketNews

Magna Completes Its Acquisition of New Venture Gear

Magna International has completed its acquisition of DaimlerChrysler Corp.'s wholly-owned subsidiary, New Venture Gear, Inc. (NVG). The acquisition involves the creation of a new joint venture, which will be called New Process Gear, Inc. New Process Gear, which operates a manufacturing facility in Syracuse, NY, will initially be owned 80 percent by Magna and 20 percent by DaimlerChrysler. Magna will acquire DaimlerChrysler's interest in New Process Gear, in September 2007.

AURORA, ON — Magna International has completed its acquisition of DaimlerChrysler Corp.’s wholly-owned subsidiary, New Venture Gear, Inc. (NVG).

The acquisition involves the creation of a new joint venture, which will be called New Process Gear, Inc. New Process Gear, which operates a manufacturing facility in Syracuse, NY, will initially be owned 80 percent by Magna and 20 percent by DaimlerChrysler. Magna will acquire DaimlerChrysler’s interest in New Process Gear, in September 2007.

The transaction also involves the acquisition by Magna of certain other U.S. and European assets of NVG, including a manufacturing facility in Roitzsch, Germany, and a research and development center and sales office in Troy, Mich. Anti-trust approvals in the U.S. and Europe were recently obtained and both UAW bargaining units ratified new collective bargaining agreements yesterday. The purchase price for 100 percent of the NVG business is approximately $431 million, subject to post-closing adjustments.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

MPA Introduces New Brake-Related Product Part Numbers

The new part numbers are offered through QB, Quality-Built and Quality-Built Black Series brands powered by MPA.

Quality-Built-brake-parts-MPA

Motorcar Parts of America Inc. announced it has introduced expanded product coverage for its Quality-Built brake pad and rotor program, with more than 20 new part numbers covering an additional seven million vehicles in operation.

The new part numbers are offered through QB, Quality-Built and Quality-Built Black Series brands powered by MPA, which serve the professional installer market. A list of the new part numbers is available here.

FCS Introduces 18 New Numbers in February

The new release includes 4 shock absorbers and 14 suspension struts.

FCS Introduces 18 New Numbers in February
Victor Reinz Reinzosil Sealant Added to Spicer CV Service Kits

Victor Reinz Reinzosil vulcanizing silicone boosts resistance to various fluids, making it sensor-safe for a wide range of applications.

Victor Reinz Semi Truck Reinzosil
Tenneco Introduces Add-On Valve Technology 

The company says the RideRefine SDD valve brings new levels of versatility, tunability and comfort to passive damper performance.

Valvoline Ushers in New Era of Environmental Stewardship

Valvoline is providing solutions for ICE vehicles to be as clean and long-living as possible to benefit the environment of today and tomorrow.

Roger_England

Other Posts

Lumileds Debuts New Philips Automotive Lighting Website

The site features an entirely new design that brings together the full breadth of the Philips portfolio of automotive lighting and accessories in North America.

Lumileds Debuts New Philips Automotive Lighting Website
AP Emissions Releases New Part Numbers for February

The 12 new SKUs cover 6 million VIO.

AP Emissions February new SKUS
Chevron Introduces New Rykon Formula to Grease Product Line

The new calcium sulfonate complex-based grease is designed for heavy-duty and extreme pressure applications.

Chevron-logo
Standard Motor Products Expands Emission Control Program

SMP’s program features more than 3,500 parts, including EVAP, EGR and positive crankcase ventilation products.

Standard Motor Products Expands Emission Control Program